Financial therapy and the next gen: Insights from Erika Wasserman
By Kristen Oliveri
Meet Erika Wasserman, Certified Financial Therapist (CFT-I™) and CEO of Your Financial Therapist. Since founding her company in 2019, Wasserman has been on a mission to transform how people view and manage their financial lives. One of fewer than 70 professionals worldwide to hold her certification, she combines expertise in finance and international economics with a passion for helping individuals, couples, and organizations rethink their relationship with money.
In this Q&A for Wealth Reimagined, Wasserman shares her personal journey, the impact of her work, her love of travel, and her commitment to helping the next generation of girls gain financial confidence.
Your title is “Your Financial Therapist.” Tell us how that came to be.
My journey was and is a roller coaster ride. I have always loved math and my Dad encouraged it. At a young around, around 12, I started trading stocks with him. Talking about money in my house was easy and common. I graduated with a degree in Finance and went into consulting at IBM for over a decade. Continuing to build my skills around connecting with people and talking about money.
After a divorce, with three kids under the age of four, and several years later my Dad passing away, when I heard the term “Financial Therapist” I knew that was my calling. I went to Kansas States to study Financial Therapy and I am 1 out of 100 Certified Financial Therapist in this new and growing field.
For those unfamiliar, what exactly is financial therapy? How do you define it, and why is it so powerful?
Financial therapy blends money and emotions. It helps people understand how their past, beliefs, and habits shape their financial choices. Unlike financial planning, which focuses on numbers, or traditional therapy, which focuses on feelings, financial therapy brings the two together.
It is powerful today because money stress is everywhere. Employees bring it to work, couples bring it to relationships, and individuals carry it in their daily decisions. Financial therapy gives people tools to calm the emotional side of money, so they can make clearer choices, improve communication, and build healthier patterns. In a time when financial stress is the top cause of anxiety, this work helps people find confidence and control.
What can a new client expect from their first session? Are there tools, frameworks, or common breakthroughs you help clients reach?
Each client is unique therefore each session is unique. I meet you where you are. In general, our first session is defining your awareness around your relationship with money, what and where in your life it is impacting you, and how or what you want to change. From there we use various tools and techniques to explore past messaging from childhood, how various habits were formed, mindset exercises, while also defining financial values and boundaries.
Why do you think money is still such an emotionally charged topic, especially for women?
My mom, for example, when she got her first job after graduating college could not open up her own bank account or car loan. That wasn't so long ago. We have very educated women who have taken a back seat to finances due to cultural expectations that it's a man's role which has led to many of my clients feeling ill prepared to run their financial lives or make strong financial decisions for their company. Confidence is key in decision making. We need to help people remove shame and guilt from their money stories and help them build understanding and confidence for future conversations.
You have young daughters of your own. How are you teaching your daughters about money? Are there lessons or tools you’re intentionally passing down?
Talk. Rasing girls is a lot of talking already, so why not add in the conversation around money. I often started with them around birthday gifts versus experiences when they were younger. As they are getting older, buying cars, paying for gas, looking at colleges, the conversations are getting more often and they are more involved in the decision-making process. I am intentionally teaching them to look at the money in their bank accounts, not to be afraid to ask questions, and to be continuously learning.
What’s your personal money philosophy? Are there any mantras or guiding principles you live by?
"I am a wealthy woman" is a mantra I live by. Wealth is defined by me as not just dollars it is time with my family, health, moments with friends. Each day I look at my vision board which is in bathroom and say it out loud to remind myself that I am a wealthy woman no matter what happens that day.
As for my personal money philosophy, I believe in saving first, my teenage daughters after their first jobs opened up a Roth IRA, once your have your savings/emergency fund built, life for me is about balance of fun and savings. I want to enjoy the experiences with my loved ones but I also don't want to go into debt. I tend to get clever in creating fun experiences which lead to adventures.
What’s your superpower?
Sleeping! I have two modes, in motion and asleep! My friends hate it because I am never able to get through more than the opening credits of a movie.
You’re an avid traveler. Where have your journeys taken you recently and what destinations are still on your bucket list?
Every summer my kids spend six weeks with their Dad and I decided over a decade ago that I will use that time to refill my soul which for me is traveling and exploring. I like to pick a country and stay there for a month. It allows me to find a local coffee shop, connect with locals, and not feel rushed to see everything for two days. Last summer was special to me. I went to Copenhagen to write my book. With 20 hours of daylight, bike riding as the mode of transportation, and lots of great spots to write. It will forever be one of my favorite summer spots. My bucket list is long! It always surprises people that I haven't been to Greece yet.
How does travel feed your soul or inspire your work?
Ah! I love to explore. This includes people, places, cultures. I have been to 48 countries and counting. My goal is 50 by 50. Traveling makes me a better person as I am able to understand and connect with my clients from other cultures when I see first-hand what life is like for them. Taking the time to sit down over a coffee, a hike or glass of wine with locals and chat is one of my favorite things to do vacation. I am a hands-on learner, so for me traveling not only expands my personal views of the world, but makes me a better leader.
What’s next for you and the world of financial therapy?
My book! “Conversations with Your Financial Therapist: Stories and Scripts to Grow Your Money Mindset” launched this September. It's my first book based off client stories to help thousands of people see what a productive conversation can look like at various life stages.
For the world of Financial Therapy, I am proud to contribute a new tool with the Money Mindset Method a five-step framework that anyone can use at home or in the office setting to have a financial conversation.